Cheikh A. Gueye's Books

Managing Volatile Capital Flows: Experiences and Lessons for Sub-Saharan African Frontier Markets

By: Cheikh A. Gueye,Mr.Javier Arze del Granado,Mr.Rodrigo Garcia-Verdu,Mr.Mumtaz Hussain,Mr.B. Jang,Mr.Sebastian Weber,Mr.Juan S Corrales

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Managing Volatile Capital Flows: Experiences and Lessons for Sub-Saharan African Frontier Markets

By: Cheikh A. Gueye,Mr.Javier Arze del Granado,Mr.Rodrigo Garcia-Verdu,Mr.Mumtaz Hussain,Mr.B. Jang,Mr.Sebastian Weber,Mr.Juan S Corrales

During the past three years the frontier markets of sub-Saharan Africa have received growing amounts of portfolio capital flows, with heightened interest from foreign investors. Compared with foreign direct investment, portfolio capital flows tend to be more volatile, and thus pose challenges for sub-Saharan African frontier markets. This study examines the evolution of capital flows since 2010 and discusses the policies these countries have designed to reduce risks from the inherent volatility of these flows.

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International Monetary Fund

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ISBN 10

1475582641

ISBN 13

9781475582642

Do Resource Windfalls Improve the Standard of Living in Sub-Saharan African Countries?

Evidence from a Panel of Countries

By: Munseob Lee,Cheikh A. Gueye

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Do Resource Windfalls Improve the Standard of Living in Sub-Saharan African Countries?

Evidence from a Panel of Countries

By: Munseob Lee,Cheikh A. Gueye

We examine the impact of resource windfall on the standard of living both in the short-run and long-run, using a sample of 130 countries, 1963-2007. Then, we systematically investigate the effect of resource windfall on welfare in three different groups of countries: We find that in the short-run resource windfall is welfare enhancing in the whole sample, especially via increases in income and decreases in inequality. However, in SSA countries, the size of welfare improvement is small and it is smaller and almost zero after one year in fragile Sub-Saharan African (SSA) countries. In the whole sample, a resource windfall shock leads to significant welfare growth even in the long-run, but we couldn’t find any significant long-run effect of resource windfall in SSA countries.

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International Monetary Fund

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ISBN 10

1484336399

ISBN 13

9781484336397

Macroprudential Policies and House Prices in Europe

By: Mr.Marco Arena,Tingyun Chen,Mr.Seung M Choi,Ms.Nan Geng,Cheikh A. Gueye,Mr.Tonny Lybek,Mr.Evan Papageorgiou,Yuanyan Sophia Zhang

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Macroprudential Policies and House Prices in Europe

By: Mr.Marco Arena,Tingyun Chen,Mr.Seung M Choi,Ms.Nan Geng,Cheikh A. Gueye,Mr.Tonny Lybek,Mr.Evan Papageorgiou,Yuanyan Sophia Zhang

Macroprudential policy in Europe aligns with the objective of limiting systemic risk, namely the risk of widespread disruption to the provision of financial services that is caused by an impairment of all or parts of the financial system and that can cause serious negative consequences for the real economy.

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International Monetary Fund

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ISBN 10

1513512250

ISBN 13

9781513512259

Global Value Chains and Productivity: Micro Evidence from Estonia

By: Hang T. Banh,Mr.Philippe Wingender,Cheikh A. Gueye

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Global Value Chains and Productivity: Micro Evidence from Estonia

By: Hang T. Banh,Mr.Philippe Wingender,Cheikh A. Gueye

The COVID-19 pandemic has led to an unprecedented collapse in global economic activity and trade. The crisis has also highlighted the role played by global value chains (GVC), with countries facing shortages of components vital to everything from health systems to everyday household goods. Despite the vulnerabilities associated with increased interconnectedness, GVCs have also contributed to increasing productivity and long-term growth. We explore empirically the impact of GVC participation on productivity in Estonia using firm-level data from 2000 to 2016. We find that higher GVC participation at the industry level significantly boosts productivity at both the industry and the firm level. Frontier firms, large firms, and exporting firms also benefit more from GVC participation than non-frontier firms, small firms, and non-exporting firms. We also find that GVC participation of downstream industries has a negative correlation with productivity. Frontier firms and large firms benefit more from GVC participation of upstream industries, while non-frontier firms and small firms benefit more from GVC participation of downstream industries. Our results suggest that policies designed to promote participation in GVCs are important to raise aggregate productivity and potential growth in Estonia.

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International Monetary Fund

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ISBN 10

1513542303

ISBN 13

9781513542300

Beyond Aid

How Much Should African Countries Pay to Borrow?

By: Cheikh A. Gueye,Mr.Amadou N. R. Sy

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Beyond Aid

How Much Should African Countries Pay to Borrow?

By: Cheikh A. Gueye,Mr.Amadou N. R. Sy

Post debt relief, the number of African countries considering accessing international capital markets, often to fund large infrastructure projects, is increasing. Potential risks of capital inflows are well known but the literature offers little help to estimate the cost of borrowing internationally for the first time. This paper proposes a two-step approach to estimate the sovereign credit rating and interest rate cost of a country considering borrowing externally. Estimates can be used to assess the costs and benefits of different financing options. The method can also be used to construct foreign currency as well as domestic local currency yield curves.

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International Monetary Fund

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ISBN 10

1455201235

ISBN 13

9781455201235

Issuing International Sovereign Bonds

Opportunities and Challenges for Sub-Saharan Africa

By: Mr.Mauro Mecagni,Mr.Jorge Iván Canales Kriljenko,Cheikh A. Gueye,Mr.Yibin Mu,Mr.Masafumi Yabara,Mr.Sebastian Weber

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Issuing International Sovereign Bonds

Opportunities and Challenges for Sub-Saharan Africa

By: Mr.Mauro Mecagni,Mr.Jorge Iván Canales Kriljenko,Cheikh A. Gueye,Mr.Yibin Mu,Mr.Masafumi Yabara,Mr.Sebastian Weber

This African Department Paper examines the rise in international sovereign bonds issued by African frontier economies and recommends policies for potential first-time issuers.

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International Monetary Fund

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ISBN 10

1498333966

ISBN 13

9781498333962

Coping with Falling Oil Prices: The Different Fortunes of African Banks

By: Cheikh A. Gueye,Asithandile Mbelu,Mr.Amadou N Sy

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Coping with Falling Oil Prices: The Different Fortunes of African Banks

By: Cheikh A. Gueye,Asithandile Mbelu,Mr.Amadou N Sy

This paper studies the impact of declining oil prices on banks in sub-Saharan African oil-exporting countries. Results indicate that banks respond differently to an oil shock depending on their ownership: (i) domestic banks are the most adversely impacted and experience a deterioration in asset quality and liquidity; (ii) foreign-owned banks are the most resilient as they are able to improve asset quality and attract deposits but at the same time, they decelerate credit growth; in contrast, (iii) Pan-African Banks help stabilize overall credit but large banks in that segment experience reduced asset quality. These differentiated results suggest a tradeoff between maintaining credit growth and safeguarding financial stability in an oil slump which could be addressed by both micro- and macroprudential policies.

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International Monetary Fund

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ISBN 10

1498317790

ISBN 13

9781498317795

Growth in Africa Under Peace and Market Reforms

By: Ms.Olessia Korbut,Mr.Gonzalo Salinas,Cheikh A. Gueye

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Growth in Africa Under Peace and Market Reforms

By: Ms.Olessia Korbut,Mr.Gonzalo Salinas,Cheikh A. Gueye

Economic stagnation in Sub-Saharan Africa (SSA) has led several economists to question the region’s ability to attain sustained economic growth, some of them arguing for the need to shift away from natural resource - based exports. Yet, we find that low growth has not been common to all SSA countries and that those that achieved political stability and significantly liberalized their economies experienced high growth in income per capita, as high as ASEAN-5 countries. This group of SSA countries attained high growth while maintaining their specialization in natural resource exports. Our analysis also rejects the hypothesis of reverse causality: that good growth performance allowed countries to attain political stability or liberalize their economies.

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International Monetary Fund

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ISBN 10

1455217867

ISBN 13

9781455217861

Book's by Cheikh A. Gueye

Managing Volatile Capital Flows: Experiences and Lessons for Sub-Saharan African Frontier Markets

Managing Volatile Capital Flows: Experiences and Lessons for Sub-Saharan African Frontier Markets

Do Resource Windfalls Improve the Standard of Living in Sub-Saharan African Countries?

Do Resource Windfalls Improve the Standard of Living in Sub-Saharan African Countries?

Macroprudential Policies and House Prices in Europe

Macroprudential Policies and House Prices in Europe

Global Value Chains and Productivity: Micro Evidence from Estonia

Global Value Chains and Productivity: Micro Evidence from Estonia

Beyond Aid

Beyond Aid

Issuing International Sovereign Bonds

Issuing International Sovereign Bonds

Coping with Falling Oil Prices: The Different Fortunes of African Banks

Coping with Falling Oil Prices: The Different Fortunes of African Banks

Growth in Africa Under Peace and Market Reforms

Growth in Africa Under Peace and Market Reforms

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